Robbins Umeda LLP Announces an Investigation of The Phoenix Companies, Inc. on behalf of Phoenix Shareholders
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors of The Phoenix Companies, Inc. (NYSE: PNX).
Robbins Umeda LLP is investigating whether officers and directors of Phoenix breached their fiduciary duties to shareholders by permitting and failing to correct insufficient controls and improper procedures that led to the disclosure of false and/or misleading statements.
On November 8, 2012, Phoenix announced that it was postponing the release of its financial results for the quarter ended September 30, 2012. The postponement followed news that the Company’s annual and quarterly financial statements, issued between 2009 and 2012, were unreliable and would be restated. The restatement will correct errors in the Company’s classification of items on its consolidated statement of cash flows. Specifically, Phoenix will reclassify certain deposits, withdrawals, fees, and interest charges incorrectly reported as cash flows. Following the announcement, Phoenix Companies’ stock declined 9.5%, or $2.68 per share, to close at $25.31 on November 8, 2012.
Robbins Umeda LLP highlights that Phoenix shareholders have the option to pursue a shareholder derivative action through which shareholders aim to hold insider wrongdoers accountable for their actions, prevent future misconduct, and bring long-term value back to the company.
Phoenix shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Darnell R. Donahue at (800) 350-6003.